Turkey transfers shares of 12 state-owned firms to Turkish sovereign wealth fund

(MENAFN) Turkey has announced a major financial restructuring with a presidential decree transferring shares of 12 state-owned companies to the Turkish sovereign wealth fund. The decree, published in the Official Gazette on Tuesday, includes notable firms such as Koza Altin, Koza Anadolu Metal, and Ipek Dogal Enerji, all of which are publicly traded. This move aims to consolidate these assets under the management of the wealth fund, which oversees more than USD300 billion in assets, as reported in its 2022 financial statement.

Following the announcement, there was a notable increase in the share prices of these companies on the Istanbul Stock Exchange. Koza Altin saw its shares rise by 8.9 percent, while Koza Anadolu Metal's shares increased by 8.1 percent. Ipek Dogal Enerji experienced the most significant gain, with its shares jumping 9.94 percent to reach 54.2 lira. Despite these fluctuations, the benchmark Borsa Istanbul index remained relatively stable.

The companies affected by the decree assured the public in a joint statement to the stock exchange that trading of their shares will continue as usual and that there will be no alterations to their legal status. This assurance aims to maintain market stability and investor confidence amidst the ongoing changes. 

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